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Search Results 0 to 11 of about 12 (some duplicates have been removed)
week to present the president's plan to congress. >> i was flabbergasted. >> reporter: president obama wants $1.6 trillion in new taxes on the rich. $400 billion in cuts to entitlement programs such as medicare and $50 billion in stimulus spending. >> the president and white house have three weeks and this is the best we got? >> reporter: the senate minority leader mitch mcconnell laughed at geithner. geithner said if republicans don't like the president's plan it's up to them to present their own ideas. >> what we can't do is figure out what works for them. they have to come tell us what works for them. >> reporter: secretary geithner made it clear there will be no deal that does not include a tax hike on the wealthiest americans. >> there's not going to be an agreement without rates going up. >> reporter: no formal negotiating sessions are on the schedule here and many believe it will take about a week for the real work towards a solution to get under way. now, so much of the talk right now is about taxes, but another aspect of this fiscal cliff is massive, massive defense cuts. that
with congressional leaders started a few weeks ago really with president obama calling for that $1.6 trillion in additional tax revenue over 10 years that you just heard about from john boehner. treasury secretary tim geithner argues that you can not raise enough revenue to reduce the deficit by only doing the loopholes and the tax breaks. and that is the major priority for republicans in this but some senior republican aides said they believe along with spending cuts, compromise would generate about a trillion dollars in new tax revenue, possibly from in parting those tax deductions. bill: where do we go, huh, martha? martha: good question. bill: congressman that broke ranks on one item is with us in 25 minutes. today he has a strong message directed at the white house and president obama. congressman tom colatosti out of oklahoma a bit later here on "america's newsroom.". that is 22 minutes away. martha: we brought you this breaking news on friday and now there's new fallout from that horrible train derailment in new jersey. remember these pictures? emergency officials closed schools now in
: you cover these issues here this washington. you have heard as i have in the last couple of weeks climate change enthusiasts and even some obama administration people saying this is the moment we can move on this. what signs do you see that that may happen? >> it's interesting. i would say that probably the biggest block for some kind of really significant domestic climate change policy in congress is the fact that a lot of republicans are very concerned about the idea of signing on to something that could be an energy tax. there's also a lot of republicans would are skeptical about the idea that climate science is even true, that climate science even exists. republicans control the house. you need 60 votes to get something in the senate. you need 67 votes to get a climate treaty, an international treaty ratified. >> ifill: do you see a movement coming from the white house to kind of boost this? >> well, it will be very interesting to see what the president does. he did... president obama did talk about climate change in his election night speech. there are signs that he thinks ab
week long silence as that deadline looms. president obama and boehner spoke by phone on wednesday. they promised to renew the negotiations. several top executives have also weighed in on thursday. >> there's been some movement. everybody realizes there has to be a revenue component, spend component, entitlement reform component. >> patrick, where does it hang on now for you? clearly the president last decided there has to be tax rises for the wealthy. if the democratic side can come up with entitlement cuts, maybe we get a deal. >> i think this is pure political theater. this is a situation that was created 18 months ago in order for the politicians to get by the election. now they've done so. we still confront the same fiscal unsustainability here in the united states that's been evident to everybody for the the past five, six years. what we all recognize is we need more revenue, we needless spending, it's really a matter of a couple of adults getting in a room and figuring out how to resolve this temporary problem that they've created with an eye toward the long term on sustaina
report." >>> been a little over a week since he met with president obama to talk about avoiding the fiscal cliff and caterpillar's ceo joins us from the nyse to talk about the fix the debt campaign and more. you know anything we don't know, doug, that you can tell us about how this finally looks and whether we do it? >> i don't know if i know any more than you do or not, joe, but we've all been working hard to impress upon our leadership in washington how important this is not to go over the cliff. we had good sessions with republican leadership, democratic leaderships and with president obama in the white house. nobody over there wants to go over the cliff at this time, there's nothing that wants to do it. >> once we get over it, we hope it's a bridge to something that will help you and caterpillar compete better in the world. after the cliff, what do you want? is there any emphasis on corporate tax reform that we need or how to bring $2 trillion back to this country? aren't those things, did you talk about any of those or the cliff? >> we talked about all of those, long-term c
jack walsh's theory, obama was cooking the books, probably cannot be true now. unemployment 7.7%, lowest in four years. most interesting story of the week, though, because i campaigned about this pretty relentlessly, apple have announced they are going to bring jobs back to america. let's play how i have been trying to force this issue for quite some time. >> companies like apple, you have ten times as many employees in china now than america. what do you think of the concept of moral capitalism? i feel strongly about companies like apple, for example, who outsource all the jobs to china, a lot of it comes back here. >> i have a problem with this. apple makes $100 billion but apple employs more people in china than it does in america. that to me is wrong. >> now, there is a globalization aspect to this and what i don't want to do is tell a company like apple look, you can't be a global business anymore because you've got to bring it all back to america. that's not what this is about. i do think this moral capitalism line which howard schultz at starbucks came up with is a stro
to be released from the hospital next week. her family tells us that she wants to tell her story. live in carson city, ben sosenko, cbs 5. >>> the governor of new jersey paid a visit to president obama to plead for money to help his state rebuild from superstorm sandy. the storm destroyed 80% of seaside heights more than a month ago. the famous boardwalk was left in pieces. today governor chris christie asked the president and congress for more financial aid. christie says it's going to take $37 billion to recover and the president promises to help. >> he knows that our work is not done any more than the work in the states is done. >> president obama is expected to ask for $50 billion in storm relief for new jersey, new york and connecticut. >>> meantime, president obama made a special trip to virginia today to highlight his fix for the "fiscal cliff." the deadline for the president and congress to find a way to avoid tax increases and spending cuts is 25 days away. president obama made a special point to sit with a middle class family in virginia this afternoon. he was trying to offer an exampl
. and it is unfortunate that the white house spent three weeks doing basically nothing. >> now, the republican counterproposal that we just heard about still includes those bush era tax cuts staying in place for everybody, which president obama has called a nonstarter. so what if we raised taxes a little bit? still be much lower than what americans paid just a generation ago. in 1980, the wealthiest americans paid a marginal tax rate of 70% of their income to uncle sam. now, tax reform under president reagan reduced that rate to 50% and in 1981, and closer to current levels in 1986. today, president obama wants to let the bush era tax cuts expire for wealthy americans only, taking up their marginal federal tax rate from 36% to 39.6%. we're talking about a 3.6 percentage point uptick for households making more than $250,000 a year, only on every dollar they make above the $250,000 amount. starts 2 s at $251,000. it is on the money you make on the margin. now, while i totally agree every penny counts when it comes to your money, when you compare that to the taxes most americans paid out in past
Search Results 0 to 11 of about 12 (some duplicates have been removed)